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Shiba Inu Burn Rate Spikes 1,364% as Following Happened to SHIB

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Sat, 11/02/2023 - 20:00
Shiba Inu Burn Rate Spikes 1,364% as Following Happened to SHIB
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Recently published by the Shibburn tracking platform data shows that over the last 24 hours, the army of the second most popular canine cryptocurrency has soared by over 1,364%. A total of 9,607,635 Shiba Inu was sent to unspendable wallets and out of circulation for good.

SHIB burn rate increases along with price

On Friday, the SHIB burn rate was below zero, as less than 1 million Shiba Inu tokens were moved to "inferno" addresses.

The burn rate of SHIB increased along with the meme coin's price. Over the past 24 hours, the exchange rate of SHIB/USD has increased by 3.31% after falling by nearly 16% since Wednesday. As of this writing, the second biggest meme coin is changing hands at $0.00001261 on the Binance exchange.

The token's price and the burn rate seem to be correlated as a price fall often causes a plunge in the amount of burned meme coins.

Shibarium news from lead developer: "Temporarily quiet"

Twitter user KURO SHIBARMY JPN (@kuro_9696_9696) has shared a screenshot from a Telegram chat with the lead developer of the Shiba Inu token known as Shytoshi Kusama on social media.

In the message on the screenshot, the pseudonymous developer commented on the lack of news about the launch of the Shibarium Layer-2 protocol. While the "complaint" was that "Shibarium news is awfully quiet," Shytoshi simply responded: "Temporarily."

Earlier this year, Shytoshi Kusama dropped a hint that the Layer-2 protocol may be released either on Feb. 10 or Feb. 14. The first is Flute Day in Japan, the second is Valentine's Day.

Related

Shytoshi responds to Feb. 14 rumors

In January, Shytoshi added a text to his bio section which mentioned "learning to play the flute" and preparing to present Shibarium in "a heart-shaped box." The community immediately decided that the developer was hinting at Feb. 14.

Nothing happened on Feb. 10 (yesterday). Now the SHIB army's expectations are focused on Valentine's Day. As reported by U.Today earlier this week, Shytoshi Kusama responded to a question about these rumors without denying or confirming them.

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